☕️Paper Pushers

Competition lawyers are swamped as clients scramble to clear merger exemptions.

September 30, 2025

Good morning.

Competition lawyers are scrambling to lodge exemptions to Australia’s merger clearance rules on behalf of clients eager to be cleared before the competition regulator’s new merger control regime begins next year.

The ACCC has advised companies currently doing deals to apply for Section 189 letters to avoid being guinea pigs under the new regime from 1 January.

Clayton Utz partner Michael Corrigan told Capital Brief that he had never drafted so many s189 letters, as dealmaking clients sought to avoid the new merger controls, which capture all deals worth more than $250 million.

Talk about a big bump in billables.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in counterdrone technology firm DroneShield soared 18% to a record high, despite no fresh announcements, driven by surging investor interest in defence stocks and the increasing use of drones in war zones. The rally followed reports of NATO boosting air-defence assets after drone incursions in Denmark, and came amid rising geopolitical tensions, particularly linked to the Russia-Ukraine conflict.

The quick sync

  • Trump’s pharma tariffs show Australia needs irreplaceable biotech capability, not just fast trials and cheap grants, writes Anthony Liveris. (Capital Brief)

  • Companies are scrambling to secure section 189 letters before the ACCC’s tougher merger rules take effect. (Capital Brief)

  • Labor faces growing backlash from the creative sector, with calls to rule out AI-friendly copyright reforms. (Capital Brief)

  • ASX biotech stocks rallied, but CSL's rebound is clouded by ongoing uncertainty over Trump's 100% pharma tariffs. (Capital Brief)

  • Dom Pym’s Triple Bubble fund skips tax perks to invest in fintechs locked out by VC rules he calls a ‘real catalyst’ for reform. (Capital Brief)

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Trading floor

M&A

  • Electronic Arts to go private in USD55b deal led by Silver Lake and PIF. (Capital Brief)

  • Medem Group readies sale with backing from Metrics Credit Partners. (AFR)

  • QIC eyes $500m buy of AGL’s 20% Tilt Renewables stake. (The Australian)

  • Scalare buys Planet Startup for $600k in latest ecosystem expansion. (Startup Daily)

  • KordaMentha selling Gupta’s motel as Whyalla Steelworks admin drags on. (AFR)

  • Firms rush to secure ACCC exemptions ahead of new merger rules. (Capital Brief)

  • RapidBeam, UniSA, and Japan’s Warpspace are teaming up on laser space comms network. (Startup Daily)

  • Kerr Neilson backs L1’s takeover of Platinum, forming L1 Group. (AFR)

  • Warburg Pincus eyes $500m–$600m UniLodge bid, rivaling Greystar. (The Australian)

Capital Markets

  • Optus faces a government probe after triple-zero call failures and fresh outages. (Capital Brief)

  • Man Shake owner’s lenders tap FTI for restructuring options. (AFR)

  • Mineral Resources has completed upgrades to its Onslow Iron haul road which boosted investor confidence and its share price. (Capital Brief)

  • Mayne Pharma pill NEXTSTELLIS added to PBS, shares rise. (Capital Brief)

  • Metrics injects $5m more into loss-making RealtyAssist. (AFR)

  • DroneShield shares surge on defence demand and contracts. (Capital Brief)

  • RecordPoint launches RexCommand to combat shadow AI risks. (Startup Daily)

  • CSL leads biotech rebound despite Trump’s pharma tariff fears. (Capital Brief)

  • Star Entertainment set to win six-month debt relief from lenders. (AFR)

  • Gold hits record high, lifting ASX miners. (Capital Brief)

  • AstraZeneca to list shares on NYSE, cutting ADRs but keeping UK base. (Capital Brief)

  • US gold reserves surpass USD1t as prices hit record highs. (Capital Brief)

  • The ATO will try to force Jon Adgemis into bankruptcy by Friday. (AFR)

  • Wall Street left in the dark on US data if shutdown happens. (Reuters)

  • OpenAI launches Instant Checkout for Etsy, Shopify and Stripe in ChatGPT, after PayPal-Google’s deal. (Bloomberg)

VC 

  • Up Bank’s Dom Pym launches Triple Bubble Fund to bypass VC rules blocking fintech investment. (Capital Brief)

People moves

  • Bravura names Colin Greenhill as CEO from 2026. (Capital Brief)

  • CLSA promotes Andrew Paine to lead SE Asia healthcare push. (AFR)

  • Australian Unity names Kelly Bayer Rosmarin as CEO from Dec 2025. (Capital Brief)

  • Flight Centre hires Grant Samuel to review options for 99 Bikes owner. (AFR)

☝️ Know about a deal or people move we don’t? Hit reply.

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